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Research: Banks Unprepared For Digital Disruption
Updated Sep 11, 2021, 11:47 a.m. Published Jul 21, 2015, 4:56 p.m.
Banks are not prepared for the wave of disruption from digital companies seeking to capture the financial market, according to new research.
In a survey of senior executives from the UK's retail banking and wealth management sectors, digital innovation agency Adaptive Lab found that legacy technology and rapidly changing consumer behaviour were hampering innovation.
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Commenting on the findings, James Hayock, managing director at the firm, noted the disruptive potential of bitcoin's distributed ledger:
"The incumbents will get displaced by new entrants offering a better customer experience and price ... their revenues will diminished in a market of higher switching frequency as they're relegated to undifferentiated utilities, before finally their core competency of storing and transferring value is challenged by the arrival of new technology – the blockchain will disintermediate the banks completely."
Additionally, the research also revealed that banks currently place too much emphasis on compliance – both in terms of focus and resources – with it taking up between 50% and 90% of their IT budgets.
"It's plain to see that a perfect storm of competition, technology, shifts in customer behaviour and regulation looks set to wreak havoc on the businesses we trust with our money. It's a matter of when, not if, banking is reinvented," concluded Hayock.
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